Tax, accounting, auditing news - Journal of Accountancy

April 29, 2016

FASB proposes changes to statement of cash flows

FASB issued a proposal that is designed to eliminate diversity in the classification and presentation of changes in restricted cash on the statement of cash flows.

April 29, 2016

IRS releases 2017 health savings account limits

The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.

April 28, 2016

New guidance issued for federal public-private partnership disclosures

Federal agencies will be required to present disclosures about public-private partnerships in their general-purpose financial statements under new guidance issued by the FASAB.

April 28, 2016

That’s inflation: Kids’ allowances rise 16% in 2016

Kids do about six hours of chores a week to earn their allowances, which average $67.80 a month.

April 27, 2016

FASB to draft final standard on credit losses

FASB voted to draft a standard that will require an expected-loss approach for reporting of credit losses on loans and other financial assets rather than an incurred-loss approach.

April 27, 2016

Americans’ financial picture holds steady this quarter

The AICPA’s Personal Financial Satisfaction Index held steady in the first quarter of this year, dropping only 0.3 points from last quarter and 2.1 points from the first quarter of 2015.

April 21, 2016

PCAOB warns against altering audit documentation

The PCAOB cautioned that improper alteration of audit documentation can result in severe penalties.

April 21, 2016

FASB proposes technical corrections and changes

FASB issued a proposal that would make technical corrections and minor changes to its guidance in response to suggestions from stakeholders.

April 21, 2016

Half of Americans expect to lose money to identity theft

The overwhelming majority of people impacted by identity theft (93%) have taken steps to correct it or prevent it from happening again.

April 19, 2016

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years.

April 19, 2016

Data analysis skills lacking among finance teams

Keeping pace with rapid changes in technology is a cause of concern among CFOs. So, too, is talent management—finding good talent, keeping it, and nurturing it.

April 14, 2016

FASB assists with licensing guidance, identifying performance obligations

FASB is updating an accounting standard to help preparers identify performance obligations and implement licensing guidance in accordance with the new revenue recognition standard.

April 13, 2016

Ways to make tax compliance less of a nightmare for small business

Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.

April 13, 2016

SEC seeking input on disclosure effectiveness

The Securities and Exchange Commission voted to issue a concept release asking for comment on possible improvements to Regulation S-K.

April 13, 2016

The gaps that remain in risk initiatives

About half of public companies have a complete enterprise risk management process, according to a new survey by the American Institute of CPAs and North Carolina State University.

April 12, 2016

PCAOB proposal would guide lead auditors in supervision of other auditors

The PCAOB’s standards for a lead auditor’s supervision of other auditors would be strengthened under a proposal the board voted to issue.

April 12, 2016

Next president should prioritize Social Security, Americans say

Keeping Social Security solvent should be one of the next U.S. president’s top economic priorities, nearly two-thirds of Americans said in a recent AICPA survey.

April 11, 2016

GASB addresses pension accounting practice issues

GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.

April 8, 2016

Raises of 3% forecasted for accountants in 2016

Employers in the United States are likely to increase base pay for finance and accounting professionals by an average of 3% in 2016, according to a new salary guide.

April 7, 2016

Post-implementation analysis begins for PCAOB engagement quality review standard

The analysis will evaluate whether the PCAOB’s standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report.